Well, folks, this is a big development. Huge, in fact. For those unfamiliar with new Chase approval rules, read my post on the subject. Up until recently, this policy only applied to Chase personal branded cards like Chase Sapphire Preferred and Chase Freedom. Then, someone who works at Chase gave a tip that Chase Ink Plus (business card) will also be included in that list as of March of this year.
I definitely feared that Chase would tighten the requirements for approval of its co-branded cards. However, I speculated that perhaps the policy won’t be quite as strict. Here is what I wrote just a few weeks ago:
“To be clear, I don’t think they will implement the same rule for their co-branded cards as they did for Chase Sapphire Preferred and Chase Freedom. How come? Because they would have to explain to airline and hotel partners why so many credit-worthy individuals are getting denied for their co-branded cards.
I’m sure Chase has a quota when it comes to approvals, and if it doesn’t meet it, those partners may switch to a different bank. That said, I do believe they will continue tightening their requirements.”
Well, it appears that was wishful thinking because Doctorofcredit reports that starting in April, this rule will apply to co-branded cards as well. Apparently, the same inside source spilled the beans (and we love him/her for that!) I trust Chuck who wrote the post and believe the source is credible.
With that, let me share my new strategy with you:
1) First “churning” order of business is to apply for Chase Southwest card in mine and my husband’s names. I don’t know if we’ll actually be approved (doubt it). But if I don’t apply, I’ll never know. I do want to wait a few weeks because we just got several new cards and are working on minimum spend for those. I don’t like to bite more than I can chew, plus, Chuck told me he is fairly confident that I have until April to apply. I won’t be waiting that long, but I don’t think few weeks will matter.
2) Transfer some of my husband’s Ultimate Rewards stash to Southwest before canceling his CSP. I’m probably going to dump 30K UR points into United account (a post coming up) and the rest will go to Rapid Rewards. I know we’ll be able to utilize Southwest when it comes to our travel plans. It’s the best airline program for family IMHO.
3) Go on with my life. You better believe I won’t be losing any sleep over this. Like I said, you win some, you lose some in this hobby. I still plan to apply for credit cards on ongoing basis, it just won’t be with Chase. Who knows, maybe this policy will eventually change. In fact, I predict that it will. But if not, oh well. So long, Chase, and thanks for the memories!
What you might want to consider now:
1)If you were planning on applying for Chase Ink Plus, consider doing it within the next few weeks. Read about it here
2) Be very picky as to what personal Chase offers you should go after right now. For example, Marriott sign-up bonus has just been increased. It pays me commission and you can read more on it here While the offer is decent, if you go for it now, it will probably cost you another Chase card if you are a churner (aka apply for bonuses on an ongoing basis). If you have solid plans for Marriott points, fine. If not, maybe it’s better to look at other Chase cards while you still can.
3) If you normally apply for less than 5 cards in 2 years, none of this really affects you. Go on with your life and be merry!
Readers, what are your plans? Please, share.
P.S. A tip from Cheapblackdad:
“There’s a workaround. I had been mulling this for weeks but it looks like it’s out in the open now. You can remove yourself as an AU on cards. This should help those of us who do this with a significant other.”
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Leana is the owner and founder of Miles For Family. She enjoys beach vacations and visiting her family in Europe. Originally from Belarus, Leana resides in central Florida with her husband and two children.